What is an income statement waterfall?

An income statement waterfall is a bar chart that walks from total revenue down to net income, with each step showing how much a cost or tax line removes (or adds). Subtotals — gross profit, operating income, pre-tax income — are anchored to zero so the cascade reconciles exactly to the bottom line.

How much of Invesco (IVZ) revenue becomes net income?

For TTM through Q1 2026, Invesco turned $6.59B of revenue into -$243M of net income — a net margin of -3.7%. The waterfall shows where the rest goes: cost of revenue, operating expenses, non-operating items, and taxes.

What are Invesco (IVZ) gross, operating, and net margins?

For TTM through Q1 2026, Invesco reported a gross margin of 50.7%, an operating margin of -9.7%, and a net margin of -3.7%. Each subtotal in the waterfall corresponds to one of these margins.

Why does Invesco (IVZ) have such a high (or low) gross margin?

Gross margin (gross profit ÷ revenue) reflects how much of each revenue dollar remains after direct production costs. Capital-light software and platform businesses often show gross margins above 60–80% because their cost of revenue is mainly hosting and support. Hardware, retail, and commodity businesses show lower gross margins because raw materials and manufacturing costs are significant. The waterfall makes this visible at a glance — the size of the "Cost of Revenue" bar relative to Revenue is the gross margin complement.

What is the difference between gross, operating, and net margin?

Gross margin = (Revenue − Cost of Revenue) ÷ Revenue. It measures production efficiency. Operating margin = Operating Income ÷ Revenue. It adds operating expenses (R&D, S&M, G&A) and measures the profitability of core operations. Net margin = Net Income ÷ Revenue. It also includes interest, other income/expense, and taxes, and represents the shareholder take after everything.

Invesco (IVZ) Income Statement Waterfall

Revenue

$6.59B

Gross Margin

+50.7%

Operating Margin

-9.7%

Net Margin

-3.7%

Income statement waterfall for Invesco (IVZ) — TTM through Q1 2026

Net income: -$243M

Margin breakdown for Invesco (IVZ) — TTM through Q1 2026

Line item	Amount	Running total
Revenue	$6.59B	$6.59B
Cost of Revenue	-$3.25B	$3.34B
Gross Profit	$3.34B	$3.34B
Operating Expenses	-$3.98B	-$640M
Operating Income	-$640M	-$640M
Other Income / Expense	$216M	-$424M
Pre-tax Income	-$424M	-$424M
Tax Benefit	$201M	-$223M
Other Items	-$20.4M	-$243M
Net Loss	-$243M	-$243M

Revenue$6.59B
Cost of Revenue-$3.25B
Gross Profit$3.34B
Operating Expenses-$3.98B
Operating Income-$640M
Other Income / Expense$216M
Pre-tax Income-$424M
Tax Benefit$201M
Other Items-$20.4M
Net Loss-$243M

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